JoomPay Europe S.A. has obtained Luxembourg Electronic Money Institution (EMI) license. With this license, the company will be able to serve European clients, empowering people to send and receive money with anyone instantly, easily and for free.
Europe leads instant payments evolution with $18 trillion in worldwide volume predicted by 2025 up from $3 trillion in 2020 – a growth of over 500%. West Europe is driving innovation and will account for 38% of instant payment transaction value by 2025. Europe lacks simple peer-to-peer payments solutions such as Venmo or Square Cash App in the US. People have to exchange cash which isn’t an option for online purchases, use slower and cumbersome bank transfers where they have to learn people’s IBAN numbers, or utilise cross-border money transfer services that focus on large-value transactions and charge at least a few percentage points.
Joom, one of the fastest-growing shopping applications in Europe with 150M downloads across the region, developed JoomPay to solve this problem. The app allows users to send and receive money from any person, regardless of whether they use JoomPay or not – and you only need to know their email or the phone number. JoomPay connects to any existing debit/credit card or your bank account and provides seamless, secure, and lightning-fast money transfers. JoomPay also provides its users with a European IBAN and an optional free JoomPay card with exceptional cashback and bonuses.
“Since Covid-19 started, we’ve seen a significant decline in cash usage. People can’t meet as easily as before but still need to send money, and we offer a viable alternative”, said Yuri Alekseev, CEO and co-founder of JoomPay. “The whole world goes online and we consider this as an opportunity for further development”.
Payment statistics published by the ECB show that nearly 142 billion non-cash payments were made in the European Union in 2018, equaling an annual growth rate of 7.5% over the past five years and that trend is projected to continue.
JoomPay public beta version is available for download in the App Store and Play Store — it already has more than 15,000 clients. The company will release the new version of the app under its own license to the general public later this winter, planning to continue improving the app and add new features in the near future.